Beijing (JLC), November 23, 2022--China Central Television (CCTV) interviewed JLC again on November 21 after the National Development and Reform Commission (NDRC) of the country announced cuts in the retail ceilings of gasoline and diesel on the day.
China marked down the retail ceilings of national standard 89-RON gasoline by CNY175/mt ($2.84/bbl) and those of zero-pour-point diesel by CNY165/mt ($3.07/bbl) on November 22, the eighth price cut within the year, the NDRC announced.
Accordingly, there was a drop of CNY0.14/liter ($0.07/US gallon) in the retail ceilings of national standard 92-RON gasoline, 95-RON gasoline and zero-pour-point diesel, respectively, JLC’s data indicates.
The U.S. economy was facing multiple challenges, and the interest rate hike of the U.S. Federal Reserve triggered increasing worries about the slowdown in economic growth. This, coupled with dim outlook about energy demand made international crude prices move down under pressure, which resulted in the cut in China’s retail ceilings of gasoline and diesel, Han Jingyuan, Senior Analyst of the Energy Department of JLC, said.
Regarding the price trend of international crude in the short run, Han Jingyuan said, international crude prices would remain range-bound on the whole. On the one hand, the supply would tighten with the U.S. and Europe’s sanction on Russian crude going into effect soon, which would prevent the crude price from falling further. On the other hand, the tight monetary policy in the world would dampen crude demand to some extent.
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